The journey crypto currency has taken us on is like the first journey you took with your friends or family to a destination that was unknown or unfamiliar. The beginning of this journey was spontaneous. You planned very little but let the excitement of the new adventure take you with it. Your intentions seemed clear at the start of this journey… you were getting involved with something that was fun, involved risks but ultimately something you believed in and wanted to be a part of. Things were so exciting, the places you were seeing were new, the concepts you were learning had you engaged and of course the people you met along the way became some of your best friends today!
But of course, you never do enough planning for your first journey, inevitably you make some mistakes. Perhaps you spent too much or didn’t go to places you wish you did. Sounds familiar right? The crypto journey has been the exact same.
When you got home from your holiday you had some time to reflect. You thought about what you did right and what you did wrong. Of course, you had many successes, but you knew you could do it better.
The one thing that you took from your first trip was that if you fail to plan, then you plan to fail and so as soon as you got home, you started to plan your next trip.
The first cryptocurrency bull market was very similar. The word Bitcoin had people entrapped, like the concept of travel. People didn’t care what they were buying, like they didn’t care where they were going, they just wanted a taste of it and they certainly didn’t want to miss out! Most people were trapped by the FOMO and so they blindly jumped on board. Of course, like your first trip things went great at first, but the lack of due diligence, planning and experience ultimately got the best of the majority. Very few, perhaps those who were best prepared or experienced, reaped the full benefits of the last cryptocurrency bull run.
Unfortunately, the lack of preparation and rushed approach to exploring something new resulted in a negative experience for many people’s introduction to cryptocurrency. But that doesn’t mean it was a waste of time. Just like our first travel experience, there were plenty of valuable lessons learnt, and those experiences lead to many more successful travel adventures which you will cherish for life.
So how can you be ready for the next bull run?
The best thing you can do is plan & prepare! Your preparation needs to start now.
- Educate yourself and don’t go in blind
This bull market is going to require more due diligence and a smarter approach than the last. Sure, as the tide rises all ships will rise with it, but that’s not to mean that some ships, being coins, will not do better than others. In order to pick the right coins, you are going to want to start learning the ins and outs of what makes a good coin. Here is a short list of some key concepts you are going to want to understand when breaking down the true value of a coin.
- Block rewards
- Network difficulty
- Coin cryptonomics (the monetary structure of the coin)
- Coin market cap, total supply, inflation model
All these concepts relate to valuing a coin just like you value fiat currency. For fiat currency you look at the reserve bank’s monetary policy. Remember in cryptocurrency there is no reserve bank, the monetary policy of the coin is determined by the coins protocol and how its blockchain is engineered. Start to research the cryptonomics behind the coins you are investing in, and this way you will understand what its potential price growth is.
If you are struggling to find the research on your own, reach out to the MiningStore community, we have hundreds of members ready to answer all your questions. I will leave the link to our community at the bottom of this article.
- Create a short list of coins based on the industries they belong to
There is no doubt that blockchain technology is going to revolutionise almost all industries, but there are certainly some industries that are going to be shaped by it faster than others. Here is a list of industries that are already being shaped by this new wave of technology, and a list of coins that MiningStore support within.
- Banking / currency
- Supply Chain
- Origin Trail
- Loki (Masternode coin)
- Bulwark (Masternode coin)
- PIVX (Masternode coin)
- Loki (Masternode coin)
This list is far from exhaustive and it is important for you to do your own research and due diligence when shaping your portfolio. However, it is worth having a look into the coins above.
- Get involved with a community to keep you up to date
You would be crazy to try and keep on top of everything that is happening in the cryptocurrency market on your own. It is simply too fast paced and complex to try and keep tabs on everything by yourself. It is essential that you get involved with some communities and forums to keep yourself abreast of the market. Telegram and Discord are two amazing community platforms that you should keep on your phone and join some groups. The MiningStore community have their own Discord channel where you can engage with their members and read through their categorised forums on a daily basis. This is simply the best way to get on to the next coin that’s, “going to the moon” and open yourself to unlimited support and information for all things crypto.
To wrap up, the first time you went traveling you probably didn’t prepare for everything that you should have and consequently you made some mistakes. In a similar fashion, you probably did not prepare yourself the first time you entered the beautiful world of cryptocurrency. But don’t be frightened by your first experience, put the leg work in now and prepare yourself for what is to come, because believe me you DON’T want to be that guy looking back saying, “ahhh I really wish I put the leg work in”.
Come join the MiningStore community in our Discord Channel via the link below. Get educated, get prepared & get planning. Look forward to dominating the next bull market!
Also stay tuned for my next article, “How this bull run will be different from the last”.